1srelluc
Diamond Member
The United States has imposed tariffs on imports of one-kilogram and 100-ounce gold bars, in a move that could disrupt global bullion flows and deal a major blow to key gold hub Switzerland, the Financial Times reported late on Thursday.
A Customs and Border Protection letter dated July 31 — later seen by FT sources — shows that these gold bars have now been reclassified under a customs code subject to duties, reversing earlier expectations that they would remain exempt.
The tariff reversal comes amid heightened trade tensions between Bern and Washington, as the latter recently slapped a 39% import tariff on the European nation.
Switzerland, as the world’s top gold refiner, shipped about $61.5 billion worth of gold to the US in the year to June, of which roughly $24 billion could now incur tariffs under the new tariff rate, according to FT estimates.
The Swiss have had over 100% tariffs on our agricultural imports into their country for a long while now...Turn about is fair play.
Before you start gold is an industrial metal.....Not just something the old metal mongers horde.
A Customs and Border Protection letter dated July 31 — later seen by FT sources — shows that these gold bars have now been reclassified under a customs code subject to duties, reversing earlier expectations that they would remain exempt.
The tariff reversal comes amid heightened trade tensions between Bern and Washington, as the latter recently slapped a 39% import tariff on the European nation.
Switzerland, as the world’s top gold refiner, shipped about $61.5 billion worth of gold to the US in the year to June, of which roughly $24 billion could now incur tariffs under the new tariff rate, according to FT estimates.
The Swiss have had over 100% tariffs on our agricultural imports into their country for a long while now...Turn about is fair play.
Before you start gold is an industrial metal.....Not just something the old metal mongers horde.
